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Forex Technical Analysis on Majors
Mon, Oct 6 2008, 08:30 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.3591
EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183.
The pair broke through the 1.3882 weekly low, thus signalizing, that the overall downtrend has been renewed. Our target at 1.3513 has almost been reached, but the downtrend has enough potential for 1.3421 and 1.3361. Our outlook remains bearish while the pair stays below 1.3906. Imtraday resistance comes at 1.3702.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.3696 | 1.3906 | 1.4174 | 1.4865 |
| Support | 1.3512 | 1.3423 | 1.3361 | 1.2998 |
__________
USD/JPY
Current level - 103.68
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 100.01. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.
After dipping to 104.64 in Friday, the pair initiated a fast upswing to 106.13, that was practically the final leg of the whole consolidation pattern above 103.55 (Sept. 16) and we believe, that the general decline has been renewed, targeting 100.01. From an intraday point of view, a brief corrective phase is unfolding above today's minor bottom at 102.83 and we expect it to be limited below 104.23, before renewing the slide towards 102.63 and 100.01.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 104.23 | 105.12 | 106.15 | 109.10 |
| Support | 103.12 | 102.63 | 102.63 | 100.00 |
__________
GBP/USD
Current level- 1.7561
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
As expected the downtrend from 1.8669 is still intact and after the brief consolidation above the 1.7549 support, the pair is ready for the next drowning, towards 1.7446 and 1.7249. Intrady resistance comes at 1.7618 and crucial for the whole dontrend since 1.8669 is 1.7836.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7619 | 1.7735 | 1.7836 | 1.8802 |
| Support | 1.7549 | 1.7446 | 1.7446 | 1.70+ |
Published on Mon, Oct 6 2008, 08:35 GMT
Archive
- Forex Technical Analysis on Majors
Published On Mon, Dec 1 2008, 09:40 GMT - Forex Technical Analysis on Majors
Published On Fri, Nov 28 2008, 09:14 GMT - Forex Technical Analysis on Majors
Published On Thu, Nov 27 2008, 09:53 GMT - Forex Technical Analysis on Majors
Published On Wed, Nov 26 2008, 09:57 GMT - Forex Technical Analysis on Majors
Published On Tue, Nov 25 2008, 09:57 GMT
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Legal disclaimer and risk disclosure
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.Related reports
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